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Under Armour: Susquehanna upgrades to 'neutral'.

(CercleFinance.com) - Susquehanna International has upgraded US athletic sportswear maker Under Armour from "negative" to "neutral," although has cut its target price from 15 dollars to 11 dollars.

The brokerage firm believes the stock's downside is limited at current levels, after dropping around 29% following its Q3 results.

"Downside is now more limited as Under Armour may have set the bar low enough to allow the company to hit the reset button," Susquehanna says.

Even so, the broker still believes the brand remains in trouble in North America, after losing its former affordable luxury status and thinks business will be challenging for some time to come.

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